There are a large number of startups in India. This proves that the Indian business scenario has changed drastically in the last few decades. Beginning with the opening up of the economy, we have seen giant companies rise above their humble startup roots. We explore the current business landscape in India, identify the top 10 Indian Insurtech startups in 2023 and discuss how they succeeded.
There are a large number of startups in India. This proves that the Indian business scenario has changed drastically in the last few decades. Beginning with the opening up of the economy, we have seen giant companies rise above their humble startup roots.
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With the steady growth of the Indian economy, many startups have entered the market, and some are gaining recognition from the consumer market and hundreds of investors worldwide.
The insurtech startup is also one of them which is growing very fast in India today. Today we are going to know about such top 10 Indian insurtech startups. Before that let us tell you a little bit about Insurtech. Insurtech word is a combination of two words “Insurance” & “technology”. Insurtech startups provide us with the facility to buy insurance plans through a mobile application or website.
Here are the top 10 Indian Insurtech Startups in 2023
RenewBuy.Com is one of India’s fastest-growing online insurance distribution platforms, which offers the widest choice of life and general insurance policies available from multiple insurance companies.
RenewBuy was established in 2013 by its parent company D2C Consulting Services Private Limited.
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RenewBuy believes in simplifying insurance and making it accessible to all. RenewBuy’s mission is to deliver the widest choice of insurance through their Point of Sale Person/ POSP advisor via our smart proprietary technology.
Probus is one of the leading Insurance Brokers with a retail client presence across India. It is also well-balanced with the best mix of life and non-life insurance business. Probus was founded on 22 November 2002.
The company started as offline but after the boom of the online insurance industry, the company entered into the online industry and gave next-level experience in the online industry through a mobile app and online portal. They also come with a WhatsApp chat facility so that the user can easily ask any query related to the service.
Riskcovry is solving India’s insurance penetration problem by providing digital infrastructure for companies to offer their end users.
Riskcovry wanted to apply the innovations offered by payment gateways and processors to insurance distribution and to make it easier for enterprise customers to distribute insurance to their end customers.
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Riskcovry was established in 2018 by Asif CH, Chiranth Patil, Sorabh Bhandari, Suvendu Prusty, and Vidya Sridharan. Their vision is to enable Insurance anywhere anytime.
Turtlemint makes it very easy to understand and buy Insurance. They intend to “open up” insurance by explaining the jargon and providing smart tools to help the user make the right choice. Turtlemint told that they have a team of friendly insurance advisors available on chat, phone, and in-person to help users with the purchase and claim services.
Turtlemint was founded in April 2015 by two alumni from IIT-B and IIM-C. Dhirendra Mahavanshi Co-Founder & CEO Anand Prabhudesai Co-Founder. They have over 30 years of experience in insurance and technology companies. The brand ambassador of Turtlemint is Mahendra Singh Dhoni.
SecureNow is one of the leading insurance companies in India. This company is providing to protect small and medium enterprises by providing them with the best and most affordable Insurance.
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SecureNow believes in offering fair Insurance options to policyholders. SecureNow was founded in the year by 2011 by Kapil Mehta.
Toffee Insurance was Established in 2017 with a very great vision. Their vision is to create a new image of how insurance is bought and sold in India, they continue to be one of the fastest-growing insurtechs globally.
In a short period, Toffe also introduced innovative products like a cycle, EV, and pet insurance, created a one-click process for issuance and claims, and earned the trust of millions of people through fairness, transparency and customer-centricity Have done. They are now planning to move towards insurance for all.
Bimaplan is one of the leading and most affordable Insurance Platforms. Bimaplan is founded by Vikul Goyal In the year 2020. Bimplan told that its vision is to provide Financial security.
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The increasing mobile penetration in India and the development of digital infrastructure have now made it possible to reach out to this underserved population.
Coverfox is started in 2013 to make Insurance Simple. Coverfox is an IRDAI-authorised insurance broking firm.
Coverfox was founded by Devendra Rane and Varun Dua. Coverfox deals in cars, and health apart from that they also cover various types of Insurance.
Finsall is one of the best and most affordable Insurance companies in India. They mainly deal in the Instalment facility for those customers who can’t pay Insurnce premium upfront. They tie up with those types of banks which provide loans to such types of Customers.
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To reach customers across the country, they have institutions and individuals as channel partners. Finsall was founded in the year 2018. Tim Mathews is the CEO and co-founder of Finsall.
Clinikk deals in Health Care. Their vision is to transform health Insurance In India by Building India’s first managed care model. They aim to provide health insurance to millions of Indians.
Clinikk comes with a full package where they offer family health Insurance coverage, Unlimited OPD consultation, and many more in a monthly subscription plan.
This was our selection of the Top 10 Indian Insurtech Startups to Watch. We hope this is useful to you as you develop your own Insurtech Startup. The order of this list is random.
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Frequently asked questions (FAQs)
Which are the Top 10 Indian Insurtech Startups to Watch 2023?
RenewBuy, Probus, Riskcovry, Turtlemint, SecureNow, Toffee Insurance, BimaPlan and Coverfox Finsall etc. are the 10 Indian Insurtech Startups to Watch 2023.
Who is the founder of Finsall?
Tim Mathews is the CEO and co-founder of Finsall.
Who is the founder of Bimaplan?
Bimaplan is founded by Vikul Goyal In the year 2020.